<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
____________________________________________
FORM 10-Q
(MARK ONE)
[x] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1996
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from _________________ to _________________
Commission file number 0-17687
Enstar Income/Growth Program Six-A, L.P.
- -------------------------------------------------------------------------------
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
Georgia 58-1755230
- -------------------------------------------------------------------------------
(STATE OR OTHER JURISDICTION (I.R.S. EMPLOYER IDENTIFICATION NO.)
OF INCORPORATION OR ORGANIZATION)
10900 Wilshire Boulevard, 15th Floor, Los Angeles, CA 90024
- -------------------------------------------------------------------------------
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE (310) 824-9990
- -------------------------------------------------------------------------------
FORMER NAME, FORMER ADDRESS AND FORMER FISCAL YEAR,
IF CHANGED SINCE LAST REPORT.
Indicate by check X whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes X No
--- ---
<PAGE> 2
PART I - FINANCIAL INFORMATION
ENSTAR INCOME/GROWTH PROGRAM SIX-A, L.P.
CONDENSED BALANCE SHEETS
=========================================
<TABLE>
<CAPTION>
December 31, September 30,
1995* 1996
------------- -------------
(unaudited)
<S> <C> <C>
ASSETS:
Cash and cash equivalents $ 175,800 $ 89,200
Receivables, less allowance of $8,000 and
$3,700 for possible losses 38,900 22,900
Prepaid expenses and other 27,800 27,900
Property, plant and equipment less accumulated depreciation
and amortization of $3,853,700 and $4,227,400 4,256,200 3,972,300
Franchise cost, net of accumulated
amortization of $8,038,900 and $8,743,000 2,418,400 1,727,100
Deferred loan costs and other, net 40,200 24,300
------------- -------------
$ 6,957,300 $ 5,863,700
============= =============
LIABILITIES AND PARTNERSHIP CAPITAL
LIABILITIES:
Notes payable $ 4,125,000 $ 3,375,000
Accounts payable 445,800 364,100
Due to affiliates 297,800 413,700
------------- -------------
TOTAL LIABILITIES 4,868,600 4,152,800
------------- -------------
COMMITMENTS AND CONTINGENCIES
PARTNERSHIP CAPITAL (DEFICIT):
General partners (141,800) (145,600)
Limited partners 2,230,500 1,856,500
------------- -------------
TOTAL PARTNERSHIP CAPITAL 2,088,700 1,710,900
------------- -------------
$ 6,957,300 $ 5,863,700
============= =============
</TABLE>
*As presented in the audited financial statements.
See accompanying notes to condensed financial statements.
-2-
<PAGE> 3
ENSTAR INCOME/GROWTH PROGRAM SIX-A, L.P.
CONDENSED STATEMENTS OF OPERATIONS
========================================
<TABLE>
<CAPTION>
Unaudited
--------------------------------
Three months ended
September 30,
--------------------------------
1995 1996
------------ ------------
<S> <C> <C>
REVENUES $ 817,600 $ 832,200
------------ ------------
OPERATING EXPENSES:
Service costs 256,700 304,000
General and administrative expenses 95,800 91,900
General Partner management fees
and reimbursed expenses 118,800 130,300
Depreciation and amortization 463,800 335,300
------------ ------------
935,100 861,500
------------ ------------
OPERATING LOSS (117,500) (29,300)
------------ ------------
OTHER INCOME (EXPENSE):
Interest income 6,700 2,500
Interest expense (84,800) (70,900)
------------ ------------
(78,100) (68,400)
------------ ------------
NET LOSS $ (195,600) $ (97,700)
============ ============
NET LOSS PER UNIT OF LIMITED
PARTNERSHIP INTEREST $ (2.43) $ (1.21)
============ ============
AVERAGE LIMITED PARTNERSHIP
UNITS OUTSTANDING DURING PERIOD 79,818 79,818
============ ============
</TABLE>
See accompanying notes to condensed financial statements.
-3-
<PAGE> 4
ENSTAR INCOME/GROWTH PROGRAM SIX-A, L.P.
CONDENSED STATEMENTS OF OPERATIONS
========================================
<TABLE>
<CAPTION>
Unaudited
--------------------------------
Nine months ended
September 30,
--------------------------------
1995 1996
------------ ------------
<S> <C> <C>
REVENUES $ 2,440,600 $ 2,527,100
------------ ------------
OPERATING EXPENSES:
Service costs 793,300 850,700
General and administrative expenses 296,400 316,600
General Partner management fees
and reimbursed expenses 333,500 369,200
Depreciation and amortization 1,366,700 1,151,100
------------ ------------
2,789,900 2,687,600
------------ ------------
OPERATING LOSS (349,300) (160,500)
------------ ------------
OTHER INCOME (EXPENSE):
Interest income 20,200 9,700
Interest expense (276,400) (226,000)
Loss on sale of cable assets - (1,000)
------------ ------------
(256,200) (217,300)
------------ ------------
NET LOSS $ (605,500) $ (377,800)
============ ============
NET LOSS PER UNIT OF LIMITED
PARTNERSHIP INTEREST $ (7.51) $ (4.69)
============ ============
AVERAGE LIMITED PARTNERSHIP
UNITS OUTSTANDING DURING PERIOD 79,818 79,818
============ ============
</TABLE>
See accompanying notes to condensed financial statements.
-4-
<PAGE> 5
ENSTAR INCOME/GROWTH PROGRAM SIX-A, L.P.
STATEMENTS OF CASH FLOWS
========================================
<TABLE>
<CAPTION>
Unaudited
-----------------------------
Nine months ended
September 30,
-----------------------------
1995 1996
---- ----
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss $ (605,500) $ (377,800)
Adjustments to reconcile net loss to net cash
provided by operating activities:
Depreciation and amortization 1,366,700 1,151,100
Amortization of deferred loan costs 19,700 16,100
Loss on sale of cable assets 1,000
Increase (decrease) from changes in:
Accounts receivable and prepaid expenses (41,100) 15,900
Accounts payable and due to affiliates 261,000 34,200
---------- ----------
Net cash provided by operating activities 1,000,800 840,500
---------- ----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures (677,300) (184,200)
Increase in intangible assets (19,600) (20,700)
Proceeds from sale of assets 31,500
---------- ----------
Net cash used in investing activities (696,900) (173,400)
---------- ----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Deferred loan costs (14,300) (3,700)
Repayment of debt (375,000) (750,000)
---------- ----------
Net cash used in financing activities (389,300) (753,700)
---------- ----------
DECREASE IN CASH AND CASH EQUIVALENTS (85,400) (86,600)
CASH AND CASH EQUIVALENTS
AT BEGINNING OF PERIOD 579,200 175,800
---------- ----------
CASH AND CASH EQUIVALENTS
AT END OF PERIOD $ 493,800 $ 89,200
========== ==========
</TABLE>
See accompanying notes to condensed financial statements.
-5-
<PAGE> 6
ENSTAR INCOME/GROWTH PROGRAM SIX-A, L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS
=======================================
1. INTERIM FINANCIAL STATEMENTS
The accompanying condensed interim financial statements for
the three and nine months ended September 30, 1996 and 1995 are unaudited.
These condensed interim financial statements should be read in conjunction with
the audited financial statements and notes thereto included in the
Partnership's latest Annual Report on Form 10-K. In the opinion of management,
such statements reflect all adjustments (consisting only of normal recurring
adjustments) necessary for a fair presentation of the results of such periods.
The results of operations for the three and nine months ended September 30,
1996 are not necessarily indicative of results for the entire year.
2. TRANSACTIONS WITH THE CORPORATE GENERAL PARTNER AND AFFILIATES
The Partnership has a management and service agreement with a
wholly owned subsidiary of the Corporate General Partner (the "Manager") for a
monthly management fee of 5% of revenues, excluding revenues from the sale of
cable television systems or franchises. Management fees approximated $41,600
and $126,400 for the three and nine months ended September 30, 1996.
In addition to the monthly management fee described above, the
Partnership reimburses the Manager for direct expenses incurred on behalf of
the Partnership and for the Partnership's allocable share of operational costs
associated with services provided by the Manager. All cable television
properties managed by the Corporate General Partner and its subsidiary are
charged a proportionate share of these expenses. Corporate office allocations
and district office expenses are charged to the properties served based
primarily on the respective percentage of basic subscribers or homes passed
(dwelling units within a system) within the designated service areas. The
total amount charged to the Partnership for these services approximated $88,700
and $242,800 for the three and nine months ended September 30, 1996. Management
fees and reimbursed expenses due the Corporate General Partner are non-interest
bearing.
The Partnership also receives certain system operating
management services from an affiliate of the Corporate General Partner in
addition to the Manager, due to the fact that there are no such employees
directly employed by one of the Partnership's cable systems. The Partnership
reimburses the affiliate for its allocable share of the affiliate's operational
costs. The total amount charged to the Partnership for these costs
approximated $7,200 and $32,400 in the three and nine months ended September
30, 1996. No management fee is payable to the affiliate by the Partnership and
there is no duplication of reimbursed expenses and costs paid to the Manager.
Certain programming services have been purchased through an
affiliate of the Partnership. In turn, the affiliate charges the Partnership
for these costs based on an estimate of what the Partnership could negotiate
for such programming services on a stand-alone basis. The Partnership paid the
affiliate $189,000 and $541,600 for programming services for the three and nine
months ended September 30, 1996. Programming fees are included in service
costs in the statements of operations for the three and nine months ended
September 30, 1996.
-6-
<PAGE> 7
ENSTAR INCOME/GROWTH PROGRAM SIX-A, L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS
(CONCLUDED)
=======================================
3. EARNINGS PER UNIT OF LIMITED PARTNERSHIP INTEREST
Earnings and losses per unit of limited partnership interest
is based on the average number of units outstanding during the periods
presented. For this purpose, earnings and losses are allocated 99% to the
limited partners and 1% to the general partners.
4. RECLASSIFICATIONS
Certain 1995 amounts have been reclassified to conform to the
1996 presentation.
-7-
<PAGE> 8
ENSTAR INCOME/GROWTH PROGRAM SIX-A, L.P.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
INTRODUCTION
On February 8, 1996, President Clinton signed into law the
Telecommunications Act of 1996 (the "1996 Telecom Act"). This statute
substantially changed the competitive and regulatory environment for
telecommunications providers by significantly amending the Communications Act
of 1934, including certain of the rate regulation provisions previously imposed
by the Cable Television Consumer Protection and Competition Act of 1992 (the
"1992 Cable Act"). Compliance with those rate regulations has had a negative
impact on the Partnership's revenues and cash flow. However, in accordance
with policy decisions by the Federal Communications Commission (the "FCC"), the
Partnership will increase regulated service rates in the future in response to
specified historical and anticipated future cost increases, although certain
costs may continue to rise at a rate in excess of that which the Partnership
will be permitted to pass on to its customers. The 1996 Telecom Act provides
that certain of the rate regulations will be phased-out altogether in 1999.
Further, the regulatory environment will continue to change pending, among
other things, the outcome of legal challenges and FCC rulemaking and
enforcement activity in respect of the 1992 Cable Act and the completion of a
significant number of FCC rulemakings under the 1996 Telecom Act. There can be
no assurance as to what, if any, future action may be taken by the FCC,
Congress or any other regulatory authority or court, or the effect thereof on
the Partnership's business. Accordingly, the Partnership's historic interim
financial results as described below are not necessarily indicative of future
performance.
This Report includes certain forward looking statements
regarding, among other things, future results of operations, regulatory
requirements, competition, capital needs, the possible sale of assets by the
Partnership and general business conditions applicable to the Partnership.
Such forward looking statements involve risks and uncertainties including,
without limitation, the uncertainty of legislative and regulatory changes and
the rapid developments in the competitive environment facing cable television
operators such as the Partnership. In addition to the information provided
herein, reference is made to the Partnership's Annual Report on Form 10-K for
the year ended December 31, 1995 for additional information regarding such
matters and the effect thereof on the Partnership's business.
RESULTS OF OPERATIONS
The Partnership's revenues increased from $817,600 to
$832,200, or by 1.8%, and from $2,440,600 to $2,527,100, or by 3.5%, for the
three and nine months ended September 30, 1996 as compared to the corresponding
periods in 1995. Of the $14,600 increase in revenues for the three months
ended September 30, 1996 as compared to the corresponding period in 1995,
$42,300 was due to increases in regulated service rates that were implemented
by the Partnership in the second quarter of 1996 and $19,500 due to the
restructuring of The Disney Channel from a premium channel to a tier channel
effective July 1, 1996. These increases were largely offset by a decrease of
$45,500 due to decreases in the number of subscriptions for basic and premium
services. Of the $86,500 increase in revenues for the nine months ended
September 30, 1996 as compared to the corresponding period in 1995, $106,800
was due to increases in regulated service rates that were implemented by the
Partnership in the second quarter in each of 1995 and 1996, $20,800 was due to
an increase in other revenue producing items and $19,500 due to the
restructuring
-8-
<PAGE> 9
ENSTAR INCOME/GROWTH PROGRAM SIX-A, L.P.
RESULTS OF OPERATIONS (CONTINUED)
of The Disney Channel discussed above. These increases were partially offset
by a decrease of $60,600 due to decreases in the number of subscriptions for
basic and premium services. As of September 30, 1996, the Partnership had
approximately 9,700 homes subscribing to cable service and 2,800 premium
service units. The decrease of 300 premium units from June 30, 1996 was
primarily due to approximately 280 Disney premium units that became tier
subscriptions under the restructuring discussed above.
Service costs increased from $256,700 to $304,000, or by
18.4%, and from $793,300 to $850,700, or by 7.2%, for the three and nine months
ended September 30, 1996 as compared to the corresponding periods in 1995.
Service costs represent costs directly attributable to providing cable services
to customers. Of the $47,300 increase in service costs for the three months
ended September 30, 1996 as compared to the corresponding period in 1995,
$19,100 was due to a decrease in capitalization of labor and overhead expense
due to fewer capital projects during the quarter ended September 30, 1996,
$18,900 was due to an increase in copyright fees and $11,000 was due to an
increase in programming fees (including primary satellite fees). Of the
$57,400 increase in service costs for the nine months ended September 30, 1996
as compared to the corresponding period in 1995, $35,700 was due to an increase
in copyright fees and franchise fees, which resulted from revenue increases as
described above, and $15,900 was due to a decrease in capitalization of labor
and overhead expense during the first nine months of 1996. The increase in
programming fees during the three months ended September 30, 1996 included a
$4,800 increase related to the restructuring of The Disney Channel discussed
above.
General and administrative expenses decreased from $95,800 to
$91,900, or by 4.1%, for the three months ended September 30, 1996 and
increased from $296,400 to $316,600, or by 6.8%, for the nine months ended
September 30, 1996 as compared to the corresponding periods in 1995. Of the
$3,900 decrease for the three months ended September 30, 1996 as compared to
the corresponding period in 1995, $8,100 was due to a decrease in bad debt
expense, which was partially offset by a $5,900 increase in marketing expense.
Of the $20,200 increase for the nine months ended September 30, 1996 as
compared to the corresponding period in 1995, $13,600 was due to an increase in
marketing expense, $9,700 was due to an increase in expenses allocated by an
affiliate of the Corporate General Partner that provides system operating
management services to the Partnership and $5,900 was due to an increase in
office rent expense. These increases were partially offset by a $10,500
decrease in customer billing expense.
Management fees and reimbursed expenses increased from
$118,800 to $130,300, or by 9.7%, and from $333,500 to $369,200, or by 10.7%,
for the three and nine months ended September 30, 1996 as compared to the
corresponding periods in 1995. Reimbursable expenses increased by $10,800 and
$31,300 for the three and nine months ended September 30, 1996 from the
comparable periods in 1995, primarily due to higher allocated personnel costs
and professional service fees. Management fees increased by $700 and $4,400
for the three and nine months ended September 30, 1996 from the corresponding
1995 periods in direct relation to increased revenues as described above.
Depreciation and amortization expense decreased from $463,800
to $335,300, or by 27.7%, and from $1,366,700 to $1,151,100, or by 15.8%, for
the three and nine months ended September 30, 1996 as compared to the
corresponding periods in 1995 primarily due to the effect of certain plant
assets becoming fully depreciated and certain intangible assets becoming fully
amortized in 1995.
-9-
<PAGE> 10
ENSTAR INCOME/GROWTH PROGRAM SIX-A, L.P.
RESULTS OF OPERATIONS (CONCLUDED)
Operating loss decreased from $117,500 to $29,300, or by
75.1%, and from $349,300 to $160,500, or by 54.1%, for the three and nine
months ended September 30, 1996 as compared to the corresponding periods in
1995, principally due to decreased depreciation and amortization.
Interest expense decreased from $84,800 to $70,900, or by
16.4%, and from $276,400 to $226,000, or by 18.2%, for the three and nine
months ended September 30, 1996 as compared to the corresponding periods in
1995 due to a decrease in average borrowings from $4,372,300 and $4,495,900 in
the three and nine months ended September 30, 1995 to $3,662,300 and $3,873,200
during the corresponding 1996 periods. The three months' decrease in interest
expense was also due to lower applicable interest rates during the 1996 quarter
(6.7% for the three months ended September 30, 1996 versus 7.2% for the
September quarter in 1995).
Due to the factors described above, the Partnership's net loss
decreased from $195,600 to $97,700, or by 50.1%, and from $605,500 to $377,800,
or by 37.6%, for the three and nine months ended September 30, 1996 as compared
to the corresponding periods in 1995.
LIQUIDITY AND CAPITAL RESOURCES
The FCC's amended rate regulation rules were implemented
during the quarter ended September 30, 1994. Compliance with these rules has
had a negative impact on the Partnership's revenues and cash flow.
The Partnership's primary objective, having invested its net
offering proceeds in cable systems, is to distribute to its partners all
available cash flow from operations and proceeds from the sale of cable
systems, if any, after providing for expenses, debt service and capital
requirements relating to the expansion, improvement and upgrade of its cable
systems. The Partnership currently relies exclusively on the availability of
cash generated from operations to fund its ongoing expenses, debt service and
capital requirements. In general, these requirements involve expansion,
improvement and upgrade of the Partnership's existing cable systems, and are
projected to be $119,000 for 1996, excluding any rebuilds. As of the date of
this Report, substantially all of the available channel capacity in the
Partnership's systems is being utilized and each of such systems requires
rebuilding. The rebuild program is presently estimated to require aggregate
capital expenditures of approximately $3.0 million, although the majority of
the total is not planned to be spent until 1998 and 1999.
The Partnership has $3,875,000 outstanding under its term loan
agreement. On December 29, 1995, the Partnership amended its term loan
agreement (the "Amendment") to, among other things, extend the maturity date by
twelve months from December 31, 1995 to December 31, 1996. The Amendment
increased the quarterly principal payments from $125,000 in 1995 to $250,000
through September 30, 1996. The remaining balance of $3,375,000 is due on
December 31, 1996. Unless the Partnership is able to refinance the term loan
or negotiate an additional extension, it will be unable to repay the term loan
when it is presently scheduled to mature. The Partnership has received
assurances from its lender that the loan will be extended, and anticipates the
execution of an amendment to reflect that in the fourth quarter of 1996. The
Partnership made its scheduled 1996 principal repayments under the amended
agreement on April 1, 1996, July 1, 1996 and September 30, 1996.
-10-
<PAGE> 11
ENSTAR INCOME/GROWTH PROGRAM SIX-A, L.P.
LIQUIDITY AND CAPITAL RESOURCES (CONCLUDED)
The amended term loan agreement restricts the Partnership from
paying distributions to the partners during the term of the agreement. The
term loan agreement also contains certain financial tests and other covenants
including, among others, restrictions on incurrence of indebtedness,
investments, sale of assets, acquisitions, and other covenants, defaults and
conditions. The Partnership believes that it was in compliance with its debt
covenants as of September 30, 1996.
NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
Operating activities used $160,300 more cash in the nine
months ended September 30, 1996 than in the comparable period in 1995. Changes
in accounts payable and due to affiliates used $226,800 more cash due to an
increase in the payment of amounts owed to the Corporate General Partner and
third-party creditors. Partnership operations generated $9,500 more cash
during the 1996 nine-month period after adding back non-cash depreciation and
amortization charges and a loss on sale of cable assets. Decreases in accounts
receivable balances and other assets provided $57,000 more cash in the first
nine months of 1996 than in the corresponding period in 1995.
The Partnership used $523,500 less cash in investing
activities in the nine months ended September 30, 1996 than in the
corresponding 1995 period due to a $493,100 decrease in capital expenditures
and $31,500 in proceeds from the sale of certain cable assets. Financing
activities used $364,400 more cash in the nine months ended September 30, 1996
due to an increase of $375,000 in the repayment of the Partnership's note
payable, which was partially offset by a decrease of $10,600 in the payment of
deferred loan costs related to the Partnership's loan agreement.
Operating income before depreciation and amortization (EBITDA)
as a percentage of revenues decreased from 42.4% in the third quarter of 1995
to 36.8% in the third quarter of 1996. EBITDA as a percentage of revenues
decreased from 41.7% during the first nine months of 1995 to 39.2% in the
comparable 1996 period. The three and nine months' decreases were caused by
greater reimbursable expenses allocated by the Corporate General Partner,
increased copyright fees and decreased capitalization of labor and overhead
costs as described above. EBITDA decreased from $346,300 to $306,000, or by
11.6%, during the three months ended September 30, 1996 compared to the
corresponding period in 1995. EBITDA decreased from $1,017,400 to $990,600, or
by 2.6%, during the first nine months of 1996 compared to the first nine months
of 1995.
INFLATION
Certain of the Partnership's expenses, such as those for wages
and benefits, equipment repair and replacement, and billing and marketing
generally increase with inflation. However, the Partnership does not believe
that its financial results have been, or will be, adversely affected by
inflation in a material way, provided that it is able to increase its service
rates periodically, of which there can be no assurance.
-11-
<PAGE> 12
ENSTAR INCOME/GROWTH PROGRAM SIX-A, L.P.
PART II. OTHER INFORMATION
ITEMS 1-5. Not applicable.
ITEM 6. Exhibits and Reports on Form 8-K
(a) None
(b) No reports on Form 8-K were filed during the
quarter for which this report is filed.
-12-
<PAGE> 13
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
ENSTAR INCOME/GROWTH PROGRAM SIX-A, L.P.
a GEORGIA LIMITED PARTNERSHIP
-----------------------------
(Registrant)
By: ENSTAR COMMUNICATIONS CORPORATION
General Partner
Date: November 12, 1996 By: /s/ Michael K. Menerey
------------------------------
Michael K. Menerey,
Chief Financial Officer
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
BALANCE SHEET AT SEPTEMBER 30 1996, AND THE STATEMENTS OF OPERATIONS FOR THE
NINE MONTHS ENDED SEPTEMBER 30, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> SEP-30-1996
<CASH> 89,200
<SECURITIES> 0
<RECEIVABLES> 26,600
<ALLOWANCES> 3,700
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 8,199,700
<DEPRECIATION> 4,227,400
<TOTAL-ASSETS> 5,863,700
<CURRENT-LIABILITIES> 777,800
<BONDS> 3,375,000
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 5,863,700
<SALES> 0
<TOTAL-REVENUES> 2,527,100
<CGS> 0
<TOTAL-COSTS> 2,687,600
<OTHER-EXPENSES> (9,700)
<LOSS-PROVISION> 23,200
<INTEREST-EXPENSE> 226,000
<INCOME-PRETAX> (377,800)
<INCOME-TAX> 0
<INCOME-CONTINUING> (377,800)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (377,800)
<EPS-PRIMARY> (4.69)
<EPS-DILUTED> 0
</TABLE>
